Welcome to Flightinfo.com

  • Register now and join the discussion
  • Friendliest aviation Ccmmunity on the web
  • Modern site for PC's, Phones, Tablets - no 3rd party apps required
  • Ask questions, help others, promote aviation
  • Share the passion for aviation
  • Invite everyone to Flightinfo.com and let's have fun

Rival Bidder for AirNet

Welcome to Flightinfo.com

  • Register now and join the discussion
  • Modern secure site, no 3rd party apps required
  • Invite your friends
  • Share the passion of aviation
  • Friendliest aviation community on the web


Well-known member
Jul 13, 2004
[FONT=Arial, Helvetica, sans-serif]In case anybody is interested.[/FONT]
[FONT=Arial, Helvetica, sans-serif][/FONT]
[FONT=Arial, Helvetica, sans-serif]Rival Bidder for AirNet[/FONT]
With a private equity firm set to take control of AirNet Systems, the specialized express carrier has another suitor on its doorstep.
Richard Altomare, CEO of niche forwarder Universal Express, says he is prepared to pay some 35 percent more than the $46.2 million buyout offer that would take the Columbus, Ohio-based airline private. The offer of $6.15 a share outpaces a sale at $4.55 a share that the AirNet board accepted Oct. 26.
"I don't know that we have grounds for a legal challenge but we will make another formal offer to shareholders," said Altomare. "We're not done with it." He said in an interview that he has a restructuring plan ready to take on a carrier that has struggled to diversify its operations as its core business hauling bank checks has crumbled.
An AirNet spokesman said the company would have no comment on the potential rival offer, which came as the company was nearing the Nov. 30 deadline for the investment firm to complete its purchase.
AirNet, meanwhile, completed what will likely be its last quarter as a public company by cutting its net loss from $30.2 million last year to $7.9 million in this year's third quarter. The financial report also showed the troubles the company faces, with revenue up about 10 percent to $48.1 million but largely because of increased fuel surcharges.
I vote for this new company...my stock is worth much more than 4.55 per share. At least i wouldn't be losing money from this new offer.

The only thing that scares me is the whole "restructuring" part...what exactly does that mean?!?!? They say that check transport has crumbled...hmmm...i guess they missed the part that bank revenues are up over the same period last year...and YES after they said that there would not be any more check transporting.

The losses are kind of deceiving as well...Airnet has technically made a profit every quarter for the last few years...what brought down last third quarter was a $45M Impairment charge we took on the depreciation of the assets of the company. Kinda crazy, but the same thing just happened this third quarter in preparation for selling the company, another impairment charge of a little over $10M which brought our profits down to a loss. It's funny that in order to make the sale of the company worth the money that the new company is paying they have to impair our assets by another $10M...
RichardRambone said:
How might that affect pilot pay, Qol, etc?

Your guess is as good as anyone's. There hasn't even been an official announcement within the company yet about who the buyer is, when it'll happen and how it's going to change things. It's just a wait and see deal, but hopefully the deal at least brings a new CEO from the outset- that could only help since it would be kinda hard to do much worse.

Latest resources